Asian Shares Decline Ahead Of Busy Week For Economic Data

RTTNews | 562天前
Asian Shares Decline Ahead Of Busy Week For Economic Data

(RTTNews) - Asian stocks ended mostly lower on Monday ahead of a busy week of economic releases and speeches from several Federal Reserve officials, including Fed Chair Jerome Powell.

Investors looked ahead to the release of U.S. European and Chinese PMIs, euro-zone inflation data and U.S. personal consumption numbers this week for additional clues on the growth and rate outlook.

Gold rose against a weakening dollar while oil prices dipped ahead of the delayed OPEC+ meeting on Thursday.

China's Shanghai Composite index dropped 0.30 percent to 3,031.70 after data showed slowing industrial profit growth in October, stoking concerns about the country's economic recovery from the pandemic. Hong Kong's Hang Seng index slipped 0.20 percent to 17,525.06.

Japanese shares fell as the yen strengthened against all its Group-of-10 peers ahead of key U.S. inflation data due this week.

The Nikkei average shed 0.53 percent to close at 33,443.67 while the broader Topix index settled 0.38 percent lower at 2,381.76.

Mitsubishi Heavy Industries slumped 5 percent to pace the declines while technology investor SoftBank Group fell 1.7 percent.

Taisho Pharmaceutical soared 18 percent as it announced a management buyout at 8,620 yen per share, which would take the company private.

Seoul stocks ended on a flat note, with the Kospi average finishing a choppy session marginally lower at 2,495.66 ahead of the Bank of Korea's interest-rate decision due on Thursday.

Australian markets fell notably, dragged down by miners. The benchmark S&P/ASX 200 fell 0.76 percent to 6,987.60 ahead of inflation and retail sales data due later in the week and the Reserve Bank of Australia's rate decision next week. The broader All Ordinaries index ended 0.71 percent lower at 7,192.80.

Across the Tasman, New Zealand's benchmark S&P/NZX 50 index dropped 0.49 percent to 11,155.79, snapping a three-day winning streak ahead of the Reserve Bank of New Zealand's (RBNZ) monetary policy decision on Nov. 29.

U.S. stocks ended a lackluster shortened trading session narrowly mixed on Friday post the Thanksgiving holiday. Retail shares rose slightly as Black Friday kicked off the holiday shopping season.

The tech-heavy Nasdaq Composite edged down 0.1 percent, while the S&P 500 ended with a positive bias and the Dow inched up 0.3 percent to reach its highest level in well over three months.

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